"We have shown our resilience through the pandemic, and we continue to be strong in the face of the ongoing turbulence in the global markets," it said in a statement. "Our banks do not have any material exposure to the failed institutions." The Bangko Sentral ng Pilipinas' (BSP) reassurance followed Thursday's statement from National Treasurer Rosalia De Leon who said Credit Suisse had "no significant exposure" to local bonds. The Southeast Asian country's largest lender, BDO Unibank , also said it had no exposure to the embattled lender.
"The BSP recognizes the actions taken by banking
supervisory authorities to address the potential contagion risk
from the closure of banks," it said. "Nonetheless, we will
respond accordingly as market conditions evolve."
(Reporting by Enrico Dela Cruz and Neil Jerome Morales
Editing by Ed Davies)
